Aerospace & Defence company ideaForge Technology announced Q3FY26 results Revenue: Rs 315.4 million against Rs 176.1 million during Q3FY25, change 79%. EBITDA: Rs -239.1 million against Rs -125.8 million during Q3FY25, change -90%. EBITDA Margin: -75.8% for Q3FY26. PAT: Rs -338.5 million against Rs -240.2 million during Q3FY25, change -41%. PAT Margin: -107.3% for Q3FY26. Ankit Mehta, Co- Founder & CEO, ideaForge, said: “FY26 has been a defining year for ideaForge so far. We’ve booked the highest quantum of ordersin our two-decade journey so far this year, with a sizable chunk coming in Q3 alone. Our priority now is crisp execution: we expect to deliver ~40–45% of the open orders in Q4FY26 and close FY26 with improved gross margins and turn profitable. Drones have become a critical element of counter-insurgency and counter-terrorism operations, and recent global conflicts have reinforced the need for nations to build strong indigenous capabilities. For India, this shift became especially evident post Operation Sindoor, with a clear acceleration in procurement through initiatives such as EP6 and decentralised command-level purchases. The recent reports of a fresh procurement outlay of approximately INR 20,000 crore signal a strong, multi-year demand tailwind for the domestic drone industry. With indigenously developed platforms, subsystems, and full-stack technology, we are gearing up to meet evolving requirements by expanding beyond ISR and reinforcing leadership in India’s drone ecosystem. Further, the reports of PLI 2.0 and R&D; incentives for drones also provide positive signs for the industry.” Result PDF
Aerospace & Defence company ideaForge Technology announced Q2FY26 results Revenues: Rs 407.6 million compared to Rs 371.0 million during Q2FY25. EBITDA: Rs -79.9 million compared to Rs -99.9 million during Q2FY25. EBITDA Margin: -19.6% for Q2FY26. PAT: Rs -196.2 million compared to Rs -137.3 million during Q2FY25. Ankit Mehta, CEO said: “ideaForge has been built with grit and our perseverance. The consistent investment in innovation of substance has paid off so far in our journey. While H1FY26 has seen the reemergence of the demand signals after a muted FY25 for the Indian drone industry, it is our investment in next-gen platforms, new categories and GPS & comms. resilience that is paying off for us. The Armed Forces’ renewed emphasis on resilient UAV procurement and Emergency Procurement Cycle 6 (EP-6) allocations from the MoD continue to be a strong tailwind for the industry and India’s defence sector. In Q2, we stayed anchored on preparation and delivery to fulfill our EP-5 order while participating in EP-6 opportunities. The results have already begun to show, and more will trickle down soon. In addition to these immediate procurement initiatives, the introduction of the Defence Procurement Manual (DPM) 2025 is evidence that the government is also bringing in long-term structural changes in the defence procurement that will help advance the mission of ‘Raksha Atmanirbharta’ (Selfreliance in defence production). On the global front, our efforts to build on the work we have done so far continued in Q2. Our SWITCH and Q6 platforms now carry NATO Stock Numbers (NSN), reemphasising our standing as a credible player in the cutting-edge UAV technology. And our partnership with First Breach Inc. to manufacture and distribute drones in the US through a Joint Venture strengthens our presence in the US.” Result PDF
Conference Call with ideaForge Technology Management and Analysts on Q1FY26 Performance and Outlook. Listen to the full earnings transcript.
Aerospace & Defence company ideaForge Technology announced Q1FY26 results Revenues: Rs 127.8 million compared to Rs 861.9 million during Q1FY25. EBITDA: Rs -151.4 million compared to Rs 84.6 million during Q1FY25. EBITDA Margin: -118.5% for Q1FY26. PAT: Rs -235.6 million compared to Rs 11.7 million during Q1FY25. PAT Margin: -184.3% for Q1FY26. Ankit Mehta, CEO said: “The Q1FY26 marked a positive start for the financial year and reinforced ideaForge’s resilience: both in technology and in business. ideaForge secured a significant Rs 137 crore order under the Government’s 5th cycle of Emergency Procurement. This order followed rigorous technical evaluations and country-of-origin checks, highlighting our standing as a trusted partner to the Indian armed forces. The quarter also saw our platforms play a role in Operation Sindoor, proving effective in the high-stakes battlefield scenario, reaffirming the resilience of our indigenous product development and deep-tech foundation. Post-Operation Sindoor, government procurement has received a major boost, with the allocation of Rs 40,000 crores for the 6th cycle of Emergency Procurement for the armed forces. Additionally, the government has announced an RDI Fund of Rs 1 lakh crore, which will further boost innovation efforts in the industry. The next phase of PLI is also expected to be rolled out for drone manufacturers, which will be a major tailwind for the industry and ideaForge. Our strategic and operational efforts are well on track, and we are committed to delivering long-term and meaningful value to our stakeholders.” Result PDF